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leonid [27]
3 years ago
6

Lee company is a perfectly competitive firm. the market price of its output is $10. the firm is currently producing 100 units of

output. at this level of output, the firm’s average total cost is $12 per unit, its average variable cost is $9 per unit, and its marginal cost is $10 per unit. on the basis of this information, what can we say?
Business
2 answers:
elixir [45]3 years ago
7 0
<span>Lee company is a perfectly competitive firm. the market price of its output is $10. the firm is currently producing 100 units of output. at this level of</span>
riadik2000 [5.3K]3 years ago
3 0
Best Answer is : Lee Company is suffering a loss, but it should stay in business in the short run. Because Any firm (regardless of market structure) will maximize profit by producing and selling the quantity at which marginal revenue is equal to marginal cost.In the special case of a perfectly competitive firm,marginal revenue is equal to price.
Thus in the special case of a perfectly competitive firm, profit is maximized by producing and selling the quantity at which price is equal to marginal cost.This firm’s price of $10 is equal to its marginal <span>cost, which is also $10.</span>
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Answer:

c. Recognition of assets and liabilities

Explanation:

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3 years ago
The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Received
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Answer:

$1,575

Explanation:

We will clasify the item "revenue" or "not":

  1. Received $1,050 cash for services provided to a customer during July -> yes, this is revenue
  2. Received $5,000 cash investment from Bob Johnson :  not revenue
  3. the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June: not revenue for July, but June which was booked in June revenue already
  4. Provided services to a customer on credit, $525: yes, this is July revenue though it's still on account receivable
  5. Borrowed $7,500 from the bank by signing a promissory note: not revenue
  6. Received $1,400 cash from a customer for services to be rendered next year: not July revenue, it's customer advace and might be next year revenue once services are completed

So the amount of revenue for July = Received $1,050 cash for services provided to a customer during July + Provided services to a customer on credit, $525

= $1,050 +$525

=  $1,575

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